January 23, 2020
According to the research report titled ‘Global Fruit Snacks Market Size By Type (Sweets & Savoury [Freeze Dried, Extruded Strips, Others], Beverages, Dairy), By Fruit Family (Apple, Mango, Banana, Pineapple, Berry, Mixed), By Distribution Channel (Mainstream Stores, Specialist Stores, Online Retailers), Regional Outlook (U.S., Canada, Germany, UK, France, Italy, Spain, Poland, Romania, China, India, Japan, Indonesia, Vietnam, Brazil, Argentina, Mexico, Saudi Arabia, UAE, South Africa, Egypt), Growth Potential, Price Trends, Competitive Market Share & Forecast, 2019 – 2025’, available with Market Study Report LLC, the global fruit snacks market is expected to register substantial growth by the year 2025.
According to the report, rising innovations in food products coupled with shifting focus towards improving heath are major factors driving the fruit snacks market growth. There has been an upsurge in the demand for essential vitamins and minerals in order to enhance the immunity. Growing inclination towards experimenting with new food items, shifting preferences towards premium and exotic flavors and easy availability of exotic fruits are aiding the market expansion. Moreover, booming e-commerce sector has led to easy availability of various fruit snacks products which in turn is stimulating the industry outlook.
As per product type, the report states that sweets & savory fruit snacks market segment held 37% share in the year 2018. Factors such as product affordability and premium taste of such products are fueling the growth of the segment. Additionally, growing demand for gluten-free, fat-free, and high nutrient composition fruit snacks are facilitating the business scenario.
In terms of fruit family, fruit snacks obtained from banana are expected to grow with a CAGR of 9% during 2019-2025. Rising concerns regarding digestive problems, diabetes, cardiovascular disease, cancer, high blood pressure, and asthma has led to rising consumption of banana-based fruit snacks across the globe thereby driving segmental growth.
Based on the distribution channel, the report cites that mainstream stores are anticipated to secure over 78% share of the global fruit snacks market during the study period. Mainstream stores offer benefits such as availability of various products as well as ease of convenience. Growing economy, favorable FDI regulations, and rapid urbanization has led to rising number of mainstream stores in Middle East & Africa and Asia-Pacific regions, thereby propelling the growth of the segment.
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Considering the geographical landscape, North America accounts for 30% share of the global fruit snacks market, which is primarily driven by increasing healthcare awareness and rising disposable income. Favorable federal reforms which encourage the consumption of nutrients on daily basis and rising adoption of non-GM, naturally flavored, organic, and gluten-free products are driving the North America fruit snacks market growth.
Tropical Foods, Whitewave Services, Paradise, Nutty Goodness, Mount Franklin Foods, Flaper, Crispy Green, Crunchies Natural Food, Bare Foods, Kellogg, Welch’s, General Mills, SunOpta and Sunkist Growers are the prominent companies operating in the fruit snacks market.
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